10 Best Stocks to Buy According to Billionaire Ken Fisher

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9. Broadcom Inc. (NASDAQ:AVGO)

Total Number of Shares Owned: 22,546,860

Total Value of Shares Owned: $3,619,968,667

Number of Hedge Fund Investors: 130

Broadcom Inc. (NASDAQ:AVGO), a leader in semiconductor and infrastructure software, delivers high-performance chips and software solutions for the tech and telecom sectors. In Q3 2024, Broadcom outperformed revenue expectations with $13.07 billion, exceeding forecasts by $108.35 million, and achieved a normalized EPS of $1.24, beating estimates by $0.03.

Despite a GAAP EPS loss of $0.40, Broadcom Inc. (NASDAQ:AVGO)’s upcoming earnings announcement on December 6, 2024, has analysts projecting strong performance, with a forecasted normalized EPS of $1.39 and revenue reaching $14.09 billion. Over the past 90 days, Broadcom Inc. (NASDAQ:AVGO) has recorded 20 upward EPS revisions, highlighting analyst confidence in its growth trajectory.

Broadcom Inc. (NASDAQ:AVGO) is well-positioned to capitalize on the expanding market for AI technologies. With rising demand for high-performance computing, Broadcom’s semiconductor products are expected to play a significant role in powering AI applications, driving further revenue growth. Additionally, Broadcom’s strong partnerships with major technology companies strengthen its foundation for sustained success.

Parnassus Value Equity Fund stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its Q2 2024 investor letter:

“During the second quarter, the Fund’s overweight position in the Information Technology sector decreased slightly as we sold our position in Cisco Systems and used most of the proceeds to buy Broadcom Inc. (NASDAQ:AVGO), a leading semiconductor company and provider of custom silicon products. Both stocks provide similar exposure to networking technology, but we believe Broadcom offers more upside from AI infrastructure spend and defensiveness due to its software assets.

Broadcom, a leader in semiconductor and infrastructure software, offers promising AI upside via data center ethernet and custom ASICs and can benefit if the iPhone’s new AI features gain traction this year. Additionally, the strength of its enterprise software assets in VMware, Symantec and CA Technologies could provide defensiveness if enterprise IT spending continues to be muted.”

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